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On April 1, 2016, Ringo Company borrowed $20,000 from its bank by issuing a 8%,...

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Accounting

On April 1, 2016, Ringo Company borrowed $20,000 from its bank by issuing a 8%, 12-month note, with the interest to be paid on the maturity date. Ringo Company correctly recorded the issuance of the note and the related year-end adjusting entry. Required: (a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017, and the journal entry to record the payment of the note on April 1, 2017. (b) Assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017.

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